Northeast Florida’s May Real Estate Report – The Market is Hot

May 2018 housing market reports are now posted by the Northeast Florida Association of Realtors on NEFAR.com. Except where otherwise indicated, statistics reflect combined results for single-family residential and condominium properties.

Northeast Florida’s 2,748 home sales in May were a 6.1 percent drop from last May, yet the largest number of sales for any month since August 2017. Pending sales – those on which a contract has been written but have not yet closed – hit 2,996, for a 10.8 percent increase over a year ago.

Sales are occurring quickly, with 60 days being the average number of days on market until sale. A year ago, the average was 73 days.

A median sales price of $225,000 was a 5.8 percent year-over-year increase. The average sales price was significantly higher, coming in at $273,448 for an 8.1 percent increase since a year ago.

Despite 3,797 new listings hitting the market in May, months’ supply of homes for sale is at 3.4, well below the five- to six-months considered a market that is balanced between buyers and sellers. Final home inventory for May was 8,398; down 9.1 percent from 9,239 homes for sale in May 2017.

Increasing prices are especially affecting availability of homes in the lower price ranges. Here’s the breakdown of May’s homes for sale by price range: 1,324 are listed for $149,999 or less; 795 are in the $150,000 to $199,999 range; 2,114 fall in the $200,000 to $299,999 category; 2,452 are within the $300,000 to $499,999 slot; 1,259 are listed for $500,000 to $999,999, and 454 homes are on the market for a million dollars or more.

2018 NEFAR President Ben Bates said, “We continue to experience trends that include an inventory that can’t keep pace with a hot market in terms of quantity and speed of sales, along with pricing that is robust and beneficial for sellers.”